The Emergency Homeowners’ Loan Program, which the Post in an earlier article described as a $1 billion “give away” program, is estimated by the Obama Administration to lose 98 cents for every one dollar it spends because of the program’s high default rate.

The House passed legislation 242-177 earlier in March to terminate this failed $1 billion program. H.R. 836, sponsored by Financial Services Committee Vice-Chairman Rep. Jeb Hensarling and Chairman Spencer Bachus, ends the program. So far, the Senate has failed to take any action on this bill to terminate this costly program that is obviously not working.

As Rep. Hensarling asked when the bill was voted on by the House, “This nation is drowning in a sea of red ink…If we can’t terminate ineffective programs in order to save our children from bankruptcy and help create jobs, how are we going to make the tough decisions that are necessary to save the country from bankruptcy?”